FTB Quickie

theone_4

Hey folks,

FTB, had mortgage offer through last week, rang solicitor today and said that council searches were back and that he just needs to read through them now. He made me an appointment to go in and "sign" tomorrow... but what exactly will I be signing?? Exchange of contracts, or what? I should've asked, but forgot and don't want to pester them lol.

Also, how long does it usually take from here? I'm in an "advanced" chain of 4 (so I'm told). Getting nervous now!! :S

TIA

cattie

Yes it'll be the exchange of contracts. Difficult to say how long till completion with a chain of 4 as there are too many variables.

When I've sold to a ftb with no chain ahead it has taken between 12-14 weeks from start to finish.

It's a stressful time, so can understand your anxiety. I hope it all goes though smoothly for you.

danielle21_2

HI, I signed a week before we exchanged, I just signed to say all the deeds etc were ok & we had no chain & were first time buyers.

theone_4

Wonderful - thanks to you both

terrierlady

I expect he has also received his mortgage instructions, if you have your mortgage offer and needs you to sign the offer and return it if you havent done so already,the contract has to be signed ready for exchange as other above have posted. He should go through things with you and as a FTByr ask questions thats what they are paid for, no question is silly, its what they would expect of anyone.
The exchange will need to be agreed/ completion is the move out/in day when everyone agrees so sometimes this takes a bit of arranging but with 4 people involved should be fairly straight forward one would hope.
Have you got your deposit ready in cash?Cheques take a few days to clear.

theone_4

terrierlady wrote:

I expect he has also received his mortgage instructions, if you have your mortgage offer and needs you to sign the offer and return it if you havent done so already,the contract has to be signed ready for exchange as other above have posted. He should go through things with you and as a FTByr ask questions thats what they are paid for, no question is silly, its what they would expect of anyone.
The exchange will need to be agreed/ completion is the move out/in day when everyone agrees so sometimes this takes a bit of arranging but with 4 people involved should be fairly straight forward one would hope.
Have you got your deposit ready in cash?Cheques take a few days to clear.

The mortgage offer I received didn't ask for signature nor return. Perhaps the copy he has does have that and that's what I need to sign? Who knows! I'll find out tomorrow It's all been fairly slow moving till now, so it's only just starting to hit me that maybe I'll be in my new home very soon! yay!

RE: Deposit - I have it in an instant access savings account - hopefully I can do an EFT direct to the solicitor (or is it straight to the seller?), otherwise it's a cheque. Don't fancy carrying the cash around - I do live up north after all jk.

Jorgan_2

If you can't do an EFT to the solicitor can you get a bankers draft. Paying a cheque will mean the solicitor will have to wait for it to clear before being able to exchange, this may or may not cause problems depending on how quickly people want exchange. Also solicitors will like to have a paper trail to show where the money came from, (helps to comply with money laundering regulations) rather than a load of cash deposited with them.

clutton_2

ask him if you can transfer the deposit direct into his account as soon as you like. then it is there ready for use whenever it is wanted. he has to pay you interest on it if he keeps it for over a certain period.

theone_4

Went in today and signed everything. Then he calls me later to say that he's rung the sellers solicitor and they are not at same stage i.e. they are not ready to exchange contracts. I would've thought he'd already checked that before getting me to come in and sign, but anyways, I can keep hold of the deposit a little while longer now and gain some more interest

I just hope they don't suddenly pull out!! :S